World News
Crude Futures Drop Further Amid Wider Sell-Off on Global Economic Concerns
Monday August 5, 2024
Crude futures dropped on Monday morning -- having reached a six-month low on Friday -- amid a sell-off in a wide range of assets on global economic concerns.
ICE Brent futures had lost $2.71/bl to $76.81/bl on Friday, reaching the lowest closing level since February 2.
On Monday they dropped further, slipping by $0.96/bl from Friday's close to $75.85/bl as of 7:03 AM in London.
Asian stock markets dropped sharply on Monday morning after weak jobs data from the US on Friday prompted concerns of a potential recession.
The crude market is likely to see significant volatility this week, with the possibility of a wider war in the Middle East having the potential to drive oil prices higher despite the economic concerns.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel. -
Nov 20The new hire had previously worked as a bunker and lubricant trader for sister company Glander International Bunkering in Dubai.